Mediterranean Resources: Completion of Share Consolidation

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 16, 2014) -

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN OR INTO THE UNITED STATES

Mediterranean Resources Ltd. ("MNR" or the "Company") (NEX:MNR.H) is pleased to announced that, further to its prior news release dated December 12, 2014, it has received approval by the NEX for the consolidation of the Company's issued and outstanding common shares on the basis of ten (10) pre-consolidation shares for one (1) post-consolidation share (the "Consolidation"). The number of post-Consolidation shares issued and outstanding will be approximately 14,219,132 common shares. Effective at the opening of trading on December 17, 2014, the Company's pre-Consolidation common shares will be delisted and the post-Consolidation common shares will commence trading. The Company's trading symbol, MNR.H will remain unchanged.

No fractional post-Consolidation common shares will be issued pursuant to the Consolidation. All fractional shares resulting from the consolidation will be rounded down to the nearest whole number and no cash consideration will be paid in respect of fractional shares. The exercise price and the number of common shares issuable under any of the Company's outstanding warrants or stock options will be proportionately adjusted upon the Consolidation.

Signed on behalf of the Board of Directors.

Robert Abenante, Chairman, President & CEO

Forward-Looking Statements

Neither NEX, TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements. The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.